Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a triple-net Red Robin in Bellingham, Washington.
Ryan Wolf, First Vice President Investments, and Vincent Knipp, Senior Managing Director Investments, in Marcus & Millichap’s Dallas office, represented a repeat client in the purchase, which completed their 1031 exchange. Joel Deis, the Broker of Record for Washington, assisted in closing this transaction.
“We successfully helped our client exit a dark Capital One that would have required costly redevelopment,” said Wolf. “Through a strategic exchange, we not only secured a replacement property, but also significantly increased their cash flow. Our client now enjoys the stability of a corporately guaranteed lease with Red Robin, which includes a hedge against inflation with annual rent escalations of 2.5%.”
Bellingham, Washington is a coastal town known for its thriving college scene. With a total of eight, four-year public colleges in the surrounding region, these colleges collectively cater to a significant student population, with approximately 26,599 students enrolled in various undergraduate programs.
According to Wolf, “This is a 10-year deal with great fundamentals in a tax-free state. Red Robin is located on an elevated hard corner at a signalized intersection in front of Bells Fair Mall.
Red Robin is located at 100 W Telegraph Road, Bellingham, Washington.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.